Original Loan Amount: RM 500,000
Original Loan Term: 30 years
Original Interest Rate: 4.8%
Remaining Loan Term: 25 years (Assumed you has been paying for 5 years)
New Interest Rate (Refinanced): 4.15%
Refinancing Costs: RM 0


Let's compare the original loan with the refinanced loan to determine the savings.
there are no refinancing costs
1. Original Loan (Remaining Portion):
Remaining Loan Amount: Assuming approximately RM 460,000 remaining after 5 years.
[/I]This is an estimate and should be verified with the loan statement.[I]
Monthly Payment (Original): Approximately RM 2,650+-
2. Refinanced Loan: RM 460,000
New Loan Amount: RM 460,000 (Remaining balance - no added costs)
New Loan Term: 25 years (or the remaining original term)
New Interest Rate: 4.15%
Monthly Payment (Refinanced): Approximately RM 2,450 +-
3. Savings:
Monthly Payment Savings: RM 200 (RM 2,650 - RM 2,450) (Estimated)
total interest paid on the remaining portion of the original loan would have been RM 300,000+-,
and the total interest paid on the refinanced loan is RM 250,000+-
Total Interest Savings: RM 50,000

Key Advantage (No Refinancing Costs):

With no refinancing costs, Any reduction in interest rate will result in savings.
You immediately benefits from the lower monthly payment and the substantial long-term interest savings.

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